Founder: Christian Oey
Industry: FinancialWebsite: http://www.nobankruptcy.com.au
As the name suggests, nobankruptcy.com.au delivers debt relief to individuals in financial crisis, helping them to avoid bankruptcy through debt counseling and negotiation.
The NSW-business was founded by Christian Oey in 2007 and now employees 10 staff, taking in $641,722 revenue last year.
Oey says he started the business out of necessity after his own business collapsed, leaving him $700,000 in debt.
“I offered my service to myself first when I couldn’t find anyone to do it for me,” Oey says.
“If I hadn’t gone through what I went through first, nobankruptcy.com.au would not be around today to help other people who are in similar situations as me all those years ago – I am the author of this service.”
Oey says his business not only reduces clients’ debt but helps to ease the stress and burden weighing down on them.
“For a long period of time, they have been borrowing from Peter to pay Paul, hounded continuously by debt collectors who are relentless,” he says.
“Once we get involved, this all stops and what we do allows the client to sigh relief, as we deal with their creditors on a daily basis so [the clients] are left alone to focus on rebuilding their lives.”
Oey’s clients are appointed a relationship manager until they get back on their feet, and each client receives bi-monthly updates of any negotiations with creditors to ensure they remain fully informed of their financial affairs.
According to Oey, nobankruptcy.com.au was a virgin business in the sense that no one had ever offered a similar service.
“From sales and marketing, accounting, administration, negotiations with clients – [I was] learning the job as I went… There was no model to copy or modify,” he says.
“I learnt every aspect of the business, so as we grew and employed people and made each task I did a “department”, I know how each department works or should work.”
As nobankruptcy.com.au is Oey’s fourth business venture, he says there are many highlights that come with starting a business, including writing your own rules and watching staff develop.
“I guess another plus is being able to have the freedom and the courage to capitalise on opportunities. I don’t wonder, I do,” he says.